Every good shopping mall or strip mall has a great anchor store. The ones that don’t have one tend to not last for too long, and that’s why it is crucial to have one. An anchor store is a major store, usually a large retail chain or grocery store, that serves its mall by driving customers to the smaller stores. When looking to lease a commercial real estate space, the first thing you should look to is the anchor store, but what makes a good anchor store?
What Kind of Traffic Does the Store Bring in?
The most important aspect of an anchor store is the customer traffic it draws in, namely how many customers and what demographic of customers. Typically an anchor store will be a department store like Macy’s or JC Penny’s, or it will be a grocery store like Giant or Walmart. Do some research into your store’s history and background and see how the company is doing, because not every anchor store can bring in the same amount of customer traffic. A Walmart for instance will bring in more traffic than a Sear’s, who, while once the king of all anchor stores, is not doing too great these days. Obviously you want the most traffic possible, so keep the amount of store traffic in mind when looking to lease your next commercial real estate space.
What Kind of Marketing Does the Store Do?
Usually anchor stores spend a significant amount on marketing, think about how often you see an ad for Walmart or Kohl’s. Because they spend so much on marketing, you don’t have to. Many adjoining stores don’t have to spend anything on marketing at all because the anchor already spends so much and brings in so many people. Typically when the smaller businesses in the mall do spend money on advertising it’s on in-mall advertising, trying to get customers to enter the store once they’re already at the mall.
Do Your Customer Demographics Line Up With Theirs?
Different stores attract different kinds of customers. Families may be more inclined to shop at grocery stores, a hardware store like Home Depot may attract more men, and a clothing store like Burlington Coat Factory may attract more women. You likely already know your target demographics, but you need to know the anchor’s as well, as you will be pulling from their customer pool. Basically if you’re running a cosmetics store, you probably don’t want your anchor store to be Lowes.
Let Us Help You Lease Your Next Commercial Real Estate Property
You’ve heard it before, but business is all about location, location, location! It is so important that you find the right location for your specific business, and this is no easy task. You may have to look at 20 or more different spaces before you find the one that is perfect for you. Here at Tomarchio Enterprises we have been in the commercial real estate business for years, and have plenty of locations available for lease. Give us a call and let us help put you in your dream space today!